Insurance - Study Mode

[#596] State the correct options
Correct Answer

(B) ULIPS have clear aspects of term, expenses and savings components

Explanation

Solution: ULIPS have clear aspects of term, expenses and savings components. Unit Linked Insurance Plan is a financial product that offers you life insurance as well as an investment like a mutual fund.

[#597] Liquidation period refers to
Correct Answer

(B) Period during which Annuity payments are made by the insurer

Explanation

Solution: Liquidation period refers to Period during which Annuity payments are made by the insurer. Liquidation period is time frame during which an annuitant receives income payments from the insurance company, usually on a monthly basis. The obligations of the company to the annuitant during the liquidation period depend on whether it is a pure or refund annuity.

[#598] Who provides public pensions?
Correct Answer

(C) State

Explanation

Solution: State provides public pensions. Public pension plans typically provide pensions based on members' years of service and average salary over a specified number of years of employment.

[#599] An annuity with infinite life with continuous payments of annuities by the insurer is
Correct Answer

(B) Annuity in perpetuity

Explanation

Solution: An annuity with infinite life with continuous payments of annuities by the insurer is annuity in perpetuity.

[#600] What is the grace period allowed by the Regulator for renewal in health insurance policy?
Correct Answer

(C) 30 days

Explanation

Solution: 30 days grace period is allowed by the Regulator for renewal in health insurance policy.